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External Reserves Hit $38.7bn, Rise By 50% In One Year - Business (6) - Nairaland

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Nigeria’s External Reserves Hit Four Year High Of $38.2bn — Emefiele / CBN Rules Out Naira Fall As External Reserves Hit $34bn / Nigeria’s External Reserves Hit 3-year High At $33.112 Billion (2) (3) (4)

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Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 12:07am On Jan 02, 2018
ashjay001:




U get time! Pple head block, u dey speak english!


Thats why a lot of them, dont end up as global players! They can barely see beyond their noses!

OMG the bold got me laughing..

2 Likes 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 12:11am On Jan 02, 2018
anonimi:


Those bold words appropriately describe barawo bubu and the All Poverty Congress, APC as far as subsidies and fuel prices are concerned.


www.nairaland.com/attachments/3075524_bubu1_jpeg88275f10f2430d13576e18436b244ea1


www.nairaland.com/attachments/2589504_subsidy2_jpeg57ea79bc1f8758353f00f8db1d53dbf1


www.nairaland.com/attachments/3807303_fbimg1463139535826_jpeg9ca7d41d7976908bfaf5e4d62c1ee160

You keep repeating the bold and make me remember when a child is beaten and is pained, He will keep repeating the same thing insulting the person that beat him from a distance.. hahha


Sorry your maters have been trying this since 2014 and they never get one minute attention from Buhari.. hhaha

1 Like 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 12:13am On Jan 02, 2018
mrskillz:
Anytime a terrible scandal rocks this administration, they always have a cooked up, fictitious, unverifiable good news to dish out. It is called damage control or check mating in politics. Nigerians, wise up! When buhari massaged the ego of the south west this morning in his broadcast, it is called Major Political Point (MPP). It must be scored at a strategic time like this.

Must you post it twice? hahhaah trying to be relevant in the midst of wailing wailer sha..

1 Like 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 12:15am On Jan 02, 2018
Desyner:

I won't argue much with you.
How did the money get to the Foreign reserve in the first place ? Govt allowed it there and therefore has the power to channel it elsewhere. Dumb åss.


Will your bank give you loan if you don't have good credit score and good relationship with them..

1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by grandstar(m): 12:27am On Jan 02, 2018
Adminisher:


The foreign reserves is stock.of dollars available to finance imports. It is not savings in that sense. Most of Nigeria's external borrowings are for projects which will pay themselves out over time. They are as justified as the GSM companies operations many years ago.

I have zero confidence that the borrowing is for projects that will pay back.

Billions of dollars are being borrowed to build railways.

The railways mostly carry passengers at subsidized prices and not cargo which is where the money is.

The railways are being built without a regard to needs but probably in the belief that a country needs a modern railway system to develop.

It's no different from the argument about steel mills-that a country needs one to grow. This is all nonsense.

3 Likes 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Desyner: 12:29am On Jan 02, 2018
chngebeginwthme:



Will your bank give you loan if you don't have good credit score and good relationship with them..

Definition: Foreign exchange reserves are the foreign currencies held by a country's central bank. They are also called foreign currency reserves or foreign reserves. There are seven reasons why banks hold reserves. The most important reason is to manage their currencies' values.

How Foreign Exchange Reserves Work
The country's exporters deposit foreign currency into their local banks. They transfer the currency to the central bank.


Exporters are paid by their trading partners in U.S. dollars, euros, or other currencies. The exporters exchange them for the local currency. They use it to pay their workers and local suppliers.

The banks prefer to use the cash to buy sovereign debt because it pays a small interest rate. The most popular are Treasury bills. That's because most foreign trade is done in the U.S. dollar. That's because of its status as the world's global currency.

Banks are increasing their holdings of euro-denominated assets, such as high-quality corporate bonds. That continued despite the eurozone crisis. They'll also hold gold and special drawing rights. A third asset is any reserve balances they've deposited with the International Monetary Fund. (Source: "COFER Table," IMF.)


Purpose
Here are the seven ways central banks use foreign exchange reserves.

First, countries use their foreign exchange reserves to keep the value of their currencies at a fixed rate.

A good example is China, which pegs the value of its currency, the yuan, to the dollar. When China stockpiles dollars, that raises its value when compared to the yuan. That makes Chinese exports cheaper than American-made goods, increasing sales.

Second, those with a floating exchange rate system use reserves to keep their value of their currency lower than the dollar.


They do this for the same reasons as those with fixed rate systems. Even though Japan's currency, the yen, is a floating system, the Central Bank of Japan buys U.S. Treasuries to keep its value lower than the dollar. Like China, this keeps Japan's exports relatively cheaper, boosting trade and economic growth. For more, see How Foreign Exchange Markets Work.

A third, and critical, function is to maintain liquidity in case of an economic crisis. For example, a flood or volcano might temporarily suspend local exporters' ability to produce goods. That cuts off their supply of foreign currency to pay for imports. In that case, the central bank can exchange its foreign currency for their local currency, allowing them to pay for and receive the imports.

Similarly, foreign investors will get spooked if a country has a war, military coup, or other blow to confidence. They withdraw their deposits from the country's banks, creating a severe shortage in foreign currency. This pushes down the value of the local currency since fewer people want it. That makes imports more expensive, creating inflation.

The central bank supplies foreign currency to keep markets steady. It also buys the local currency to support its value and prevent inflation.


This reassures foreign investors, who return to the economy. (Source: "Central Bank Foreign Reserves," Monetary Bulletin, Central Bank of Iceland, 2005.)

A fourth reason is to provide confidence. The central bank assures foreign investors that it's ready to take action to protect their investments. It will also prevent a sudden flight to safety and loss of capital for the country. In that way, a strong position in foreign currency reserves can prevent economic crises caused when an event triggers a flight to safety.

Fifth, reserves are always needed to make sure a country will meet its external obligations. These include international payment obligations, including sovereign and commercial debts. They also include financing of imports and the ability to absorb any unexpected capital movements.

Sixth, some countries use their reserves to fund sectors, such as infrastructure. China, for instance, has used part of its forex reserves for recapitalizing some of its state-owned banks.

Seventh, most central banks want to boost returns without compromising safety. They know the best way to do that is to diversify their portfolios. That's why they'll often hold gold and other safe, interest-bearing investments. (Source: "Why Do Countries Keep Foreign Exchange Reserves?" The Economic Times, November 22, 2004.)

Guidelines
How much are enough reserves? At a minimum, countries have enough to pay for three to six months of imports. That prevents food shortages, for example.

Another guideline is to have enough to cover the country's debt payments and current account deficits for the next 12 months. In 2015, Greece was not able to do this. It then used its reserves with the IMF to make a debt payment to the European Central Bank. Find out more about the Greek debt crisis.

By Country
The countries with the largest trade surpluses are the ones with the greatest foreign reserves. That's because they wind up stockpiling dollars because they export more than they import. They receive dollars in payment.

Here are the countries with reserves more than $100 billion as of December 2016:

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Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by anonimi: 4:29am On Jan 02, 2018
chngebeginwthme:
Guy stop fooling yourself now, Aso Rock clinic have been there for decades and not equipped, GEJ was in power for 6yrs with high in price of crude oil (The highest in history) but could not fix anything not even the road leading to his father house..

Does your brain need reformatting?
Just asking ni oh. cheesy


1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Mavrick2012: 4:38am On Jan 02, 2018
fortune1968:
Yes. Jonathan squandered a lot of money .You have to factor in other elements of the economy for your assertions to stand .Have you considered how much we are earning from the crude oil sales to keep the exchange rate at dt level then ,juxtapose it with how much the current administration is earning or has earned .Mark my words ,Jonathan really ruined this country ! And things would have collapsed totally had he returned to power with his large team of looters ; his wife - Patience inclusive.
complain complain complain.
3yrs down the line you guys are still complaining Jonathan.
1)if your Buhari was competent enough we, by now should have long passed this economic quagmire (remember how in less than 3 months Obama properly solved the "global economic meltdown caused by Bush?
2)its obvious you don't even know that global crude has increased from $40 to $70,how come we are yet to seen the effect on the life of the masses? Abi na gej cause am?
3)why are we still importanting pms? Why hasn't the refineries been repaired 3yrs after? Na gej cause am.
Take note, i voted Buhari, but i refuse to play crass sentiment, Buhari is not good enough, PERIOD

1 Like 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by anonimi: 4:51am On Jan 02, 2018
chngebeginwthme:
OMG i know you will surely be here spamming NL with those pictures hahha...

Mind to tell us standard of living in 1999 and in 2015.. How much is the minimum wage in 1999 and 2015..

kech:
Jonathan’s Gift to Workers: Minimum Wage Now N18,000
•New salary to be paid from August
From Kunle Akogun and Damilola Oyedele in Abuja, 05.02.2010

A new pay package for Nigerian civil servants will be operational in three months, Acting President Goodluck Jonathan, has said. When operational, the least paid worker would go home with N18,000 at the end of every month as against the N7,500 minimum wage that presently obtains.

Jonathan while addressing workers on the occasion of the May Day celebration, pleaded with the civil servants to shelve their planned five-day warning strike scheduled to commence tomorrow, and assured them that the issues in dispute would be resolved within the next three months.
He also disclosed that he had directed the Minister of Labour, Chief Chukwuemeka Wogu, to ensure that negotiations with the Joint National Public Service Negotiating Council achieves the desired results within the next three months.
“This important assignment of which I understand you are respectfully represented in the committee is nearing conclusion. The National Committee on Parameters for Wages in the public segment is also working assiduously to ensure that we have a mechanism that will make for adjustment on workers’ remuneration gradual.

http://www.thisdayonline.com/nview.php?id=172323

KBrown:
As I have stated on this page, I am committed to ensuring social justice and restoring the dignity of labour in Nigeria which is why I have signed into law the Minimum Wage Act which mandates every employer of labour to pay at least N18,000 per month to the least paid staff. We have to motivate to create wealth. We may have much or little but what little we have, must be shared more equitably. GEJ

***************************************

Again, Goodluck has shown his critics that he is a caring leader.
Right from when he cancelled his trip abroad to parley with labour leaders to his attention towards almajiris to federal universities in every state to ongoing power plant projects and others too numerous to remember at once JUST WITHIN ONE YEAR, Goodluck has continued to show that he is the caring leader Nigerians yearn for. GEJ ALL THE WAY!

GEJ met about $48billion and depleted it to #29billion despite rise in crude oil price but your likes that are still pained from the 2015 election lost will be comparing the life of 1999 to 2017... I shake my head for your sense of thinking..

Keep your lies for your BMC hacks.





Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by anonimi: 4:55am On Jan 02, 2018
Mavrick2012:
complain complain complain.
3yrs down the line you guys are still complaining Jonathan.
1)if your Buhari was competent enough we, by now should have long passed this economic quagmire (remember how in less than 3 months Obama properly solved the "global economic meltdown caused by Bush?
2)its obvious you don't even know that global crude has increased from $40 to $70,how come we are yet to seen the effect on the life of the masses? Abi na gej cause am?
3)why are we still importanting pms? Why hasn't the refineries been repaired 3yrs after? Na gej cause am.
Take note, i voted Buhari, but i refuse to play crass sentiment, Buhari is not good enough, PERIOD

Even Ebola Owu, his chief sponsor agrees completely with you.

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”


http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

2 Likes

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Bizibi(m): 7:10am On Jan 02, 2018
chngebeginwthme:


Since your hero the most clueless award winner cannot safe, You think everyone will be like him?
mtcheeeew,apc goon get behind me!!!!!
Don't pollute here......

The most clueless then the one we have in aso rock should be what?

Take a stroll,APC demon
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 8:42am On Jan 02, 2018
anonimi:


Does your brain need reformatting?
Just asking ni oh. cheesy



Ask yourself that question, Try reason and stop spamming NL with your useless cartoon..

1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 8:44am On Jan 02, 2018
anonimi:








Keep your lies for your BMC hacks.








Can you please point out the point to educate us instead of spamming NL with useless pictures boy..

1 Like 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 8:50am On Jan 02, 2018
Bizibi:
mtcheeeew,apc goon get behind me!!!!!
Don't pollute here......

The most clueless then the one we have in aso rock should be what?

Take a stroll,APC demon

hahhaa world leaders are celebrating him everyday.. No more sharing of our common wealth..

I wish GEJ could safe $40billion we won't have had anything like reccesion..

1 Like 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Bizibi(m): 9:19am On Jan 02, 2018
chngebeginwthme:


hahhaa world leaders are celebrating him everyday.. No more sharing of our common wealth..

I wish GEJ could safe $40billion we won't have had anything like reccesion..
grin grin grin. As if there is no sharing of money right now in abj,funny boy.
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 9:54am On Jan 02, 2018
Bizibi:
grin grin grin. As if there is no sharing of money right now in abj,funny boy.


Evidence to buttress your point or remain silent..
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Bizibi(m): 10:46am On Jan 02, 2018
chngebeginwthme:



Evidence to buttress your point or remain silent..
hahahahaha,what a funny paid sycophant.let me get some of the money your ogas are sharing in abj.

Nigerians!!!!

1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by OyinO: 11:00am On Jan 02, 2018
How does this translate to the welfare, wellbeing, growth and development of the ordinary people in Nigeria? We're not interested in foreign reserves. We're interested in Domestic Expansion, Prosperity and Development in practical terms.

2 Likes 1 Share

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by buchai: 12:51pm On Jan 02, 2018
[quote author=chngebeginwthme post=63809641]


LOL everything is a lie even your father impregnating your mother and giving birth to you was also a lie huh?


Your masters like Fayose, Wike etc will surely have access to the information and know it's true reason they never say anything against it..

wail on boy Sai baba till 2023..








pig like you will remained pig forever, stinking pig you should go and have a bath before coming to talk to me pig. your parents are pigs and you're a moronic pig.

1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Captain6(m): 7:38pm On Jan 02, 2018
chngebeginwthme:


common man should brace up and work instead of waiting for FG to feed them..


Buhari make it clear in his speech that you should not put all your hope on Govt for employment as FG have open chance for you to make it in life if you have brain..
Why do we have Govt in the first place? Is it not for them to create the right atmosphere for businesses to thrive,so that the citizens will survive.

1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 4:39am On Jan 03, 2018
Bizibi:
hahahahaha,what a funny paid sycophant.let me get some of the money your ogas are sharing in abj.

Nigerians!!!!


I ask for evidence and you are spewing thrash..
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 4:43am On Jan 03, 2018
[quote author=buchai post=63823150][/quote]


OMG boy why are you exposing yourself to the public again, Are you trying to remind us what you people are? Well Kanu already aid you guys are pig and we are trying to forget but you just remind us again that 95% of igbos are pigs- Nnamdi Kanu

1 Like

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 4:45am On Jan 03, 2018
Captain6:
Why do we have Govt in this first place? Is it for them to create the right atmosphere for businesses to thrive,so that the citizens will survive.

Well the right atmosphere have been created and people are making it big time.. The policy of PMB have changed my life because i think and diversify...

2 Likes

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Bizibi(m): 8:12am On Jan 03, 2018
chngebeginwthme:



I ask for evidence and you are spewing thrash..
mtcheeeew, hahahaha......
Smh
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Captain6(m): 11:21am On Jan 03, 2018
chngebeginwthme:


Well the right atmosphere have been created and people are making it big time.. The policy of PMB have changed my life because i think and diversify...

Tell yourself the truth sir. Compare the prices of commodities in this current administration and that of the past administration,compare the value of naira to dollar now,compare the infrastructures put in place or started by the past administration. I can't wait for 2019,thank God it's just next year.
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 11:28am On Jan 03, 2018
Captain6:
Tell yourself the truth sir. Compare the prices of commodities in this current administration and that of the past administration,compare the value of naira to dollar now,compare the infrastructures put in place or started by the past administration. I can't wait for 2019,thank God it's just next year.

Compare the price of goods with what was obtainable before PDP.
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Captain6(m): 12:17pm On Jan 03, 2018
GavelSlam:


Compare the price of goods with what was obtainable before PDP.
The truth is PDP was bad but APC is worse. It's a case of from frying pan to fire.
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 12:30pm On Jan 03, 2018
Captain6:
The truth is PDP was bad but APC is worse. It's a case of from frying pan to fire.

PDP was bad but APC is much better.

It is well known that when a new employee gats into office his performance goes into a dip before it begins to ascend.

So far, we have more money than what the last government saved in foreign reserves.

We have more hours of power than was given and the government has managed the Boko Haram insurgency better.

Granted, there are more visible issues such as the "Fulani Herdsmen" attacks.

I'm not saying these things don't happen but come on every time it happens we always see pictures of the victims with not a single perpetrator caught or killed .

The younger unemployed have some scheme through which they can access 30k every month in Npower.

We can act as if these aren't facts but we all know it's true.

Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Captain6(m): 1:34pm On Jan 03, 2018
GavelSlam:


PDP was bad but APC is much better.

It is well known that when a new employee gats into office his performance goes into a dip before it begins to ascend.

So far, we have more money than what the last government saved in foreign reserves.

We have more hours of power than was given and the government has managed the Boko Haram insurgency better.

Granted, there are more visible issues such as the "Fulani Herdsmen" attacks.

I'm not saying these things don't happen but come on every time it happens we always see pictures of the victims with not a single perpetrator caught or killed .

The younger unemployed have some scheme through which they can access 30k every month in Npower.

We can act as if these aren't facts but we all know it's true.

Only a poorly trained new employee allows his performance get into a dip.Pls who in Pmb's cabinet is fit for his or her portfolio, imagine a trained lawyer serving as a minister for power,housing and works! Three engineering inclined posts for a lawyer!
In terms of security i must be honest with you,the journalists have been made to shut up. There are a lot of killings everywhere.
Npower 30k,that's bullshit! How long can that peanut last a grown adult when the cost of living has risen from high in this administration. They should tackle power, and watch as unemployment rate drops. You said power has improved,yes there is a very little improvement, it's nothing to praise them about.
The best this administration has done is..........! Nothing but empty promises. You know it sir,so let's call a spade a spade and not a shovel. angry
Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by chngebeginwthme: 10:30pm On Jan 08, 2018
Captain6:
Tell yourself the truth sir. Compare the prices of commodities in this current administration and that of the past administration,compare the value of naira to dollar now,compare the infrastructures put in place or started by the past administration. I can't wait for 2019,thank God it's just next year.


When you are comparing the prices of commodities in this administration and that of the past, Can you please also compare the price of Crude Oil and also living situation..

It's not rocket science my brother, During GEJ most of those importers are big men in politics and they were given waivers then, They never pay duty for whatever they import into the country..

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